SALIENT FEATURES OF COMPANIES ACT 2013

FREE COMPLETE STUDY MATERIAL NOTES FOR IBBI EXAMINATION

E-BOOK

ONLINE BATCH STUDY MATERIAL-50 HRS EDUCATIONAL COURSE UNDER RULE 5(1) READ WITH RULE 12(2)(a) FOR REGISTRATION AS VALUERS UNDER THE BANNER OF CEV IAF RVO

UNIT-4

CHAPTER-3

SALIENT FEATURES OF COMPANIES ACT 2013

HISTORY OF COMPANIES ACT IN INDIA

The Indian company law begun with the companies act 1850, modeled on British companies act
The Indian Companies act of 1913 was based on the British Companies act of
The Indian Companies act, 1956; April 1,
The Indian Companies act,

HIGHLIGHTS OF COMPANIES ACT, 2013

Passed in Lok sabha: December 18,
Passed in Rajya Sabha: August 08,
Total number of sections:
Total number of chapters:
Total number of schedules:
Effective from September 12, 2013.
J Irani Committee.

OBJECTIVES OF COMPANIES ACT, 2013
- To promote the development of the economy
- To encourage transparency and accountability
- To promote high standards of corporate governance
- To recognize new concepts and procedures to support business while protecting interests of all the stakeholders
- To set up an institutional structure in the form of various authorities, bodies and panels (NCLT and NCLAT)
- To enforce stricter action against fraud and gross non -compliance with company law
IMPORTANT TERMS RELATED TO COMPANIES ACT

AS PER SECTION 2 OF THE COMPANIES ACT 2013

Definitions.— In this Act, unless the context otherwise requires,— (1) ―abridged prospectus‖ means a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board by making regulations in this behalf;

(2) ―accounting standards‖ means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;

(3) ―alter‖ or ―alteration‖ includes the making of additions, omissions and substitutions;

(4) ―Appellate Tribunal‖ means the National Company Law Appellate Tribunal constituted under section 410;
(5) ―articles‖ means the articles of association of a company as originally framed or as altered from
time to time or applied in pursuance of any previous company law or of this Act;

(6) ―associate company‖, in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having suc . ……………………….READ MORE